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Driver’s license, passport can now be used as proof of address to open bank accounts – BoG
Bank of Guyana
Kaieteur News – The Bank of Guyana on Tuesday revealed that it is currently in the process of modifying the requirements for the opening and maintenance of customer accounts at Licensed Financial Institutions (LFIs).
In a statement, it said that the amended guidance is intended to specify simplified due diligence measures for customers who are categorized as “low-risk”.
“These simplified measures,” the Bank said, “would include the acceptance of one form of identification document, either a national identification card, passport, or a driver’s license.”
Additionally, in instances where the identity document contains the details of a customer’s address, such document may also be acceptable for proof of address and there will be no requirement for annual submission of these documents to the LFIs.
The central bank also revealed that the requirements for medium and high-risk customers will also be revisited with a view of enhancing the risk-rating framework for these categories.
These measures, which will confirm to the Financial Action Task Force Recommendations, are intended to reduce the burden on individuals who had previously faced challenges in securing the requisite documentary requirements for the opening and operating of accounts at LFIs.
Further, the Bank said it has always strived to foster greater financial inclusion as is evident by these and other measures including the issuance of Circular No.53/2018 which provided for reduced due diligence measures for small savers.
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